City endorses Peza application of Cybermall

THE Cagayan de Oro City Council approved Tuesday a resolution endorsing to the Philippine Economic Zone Authority (Peza) the declaration of a 6500-square-meter lot at R.N Pelaez Boulevard, Kauswagan as Information Technology (IT) center.

The council carried Resolution 2011-35 sponsored by Councilor Juan Sia during Tuesday’s regular session with two councilors abstaining.

Opposition Councilor Roger Abaday did not object to the resolution.

Peza sought the approval of the august body on the application filed by Torre de Oro Development Corp declaring “George Town Cybermall” located along R.N. Pelaez Blvd. as IT center.

Peza could not act on the application without concurrent approval of the council through a resolution.

The resolution, however, is exclusive only for George Town Cybermall. Existing establishments that are, at present, operate businesses at the 6500-square-meter lot are not covered by Peza, the resolution said.

An establishment covered by Peza enjoys tax holidays or 100 percent exempted from tax in the next four-year period but will continue to pay Real Property Tax on land as provided for in Section 24 of Republic Act 7916 as amended.

Councilors President Elipe and Alvin Calingin abstained from endorsing the resolution, saying there is a need to study further the proposed resolution.

“I cannot see reasons why the applicant is in a hurry for its approval,” Elipe said.

Calingin said Torre de Oro must first specify the part of the building where the IT shall operate.

Earlier, several IT companies expressed their intention of relocating at the Cybermall once the area is proclaimed as IT center.